3 Connecticut Stop & Shops sold in $295M deal
Three Connecticut Stop & Shop locations are among a portfolio of grocery stores that have sold for $295 million.
A suburban Chicagobased commercial real estate organization, Inland Real Estate Group of Companies, acquired the singletenant locations from Winstanley Enterprises and Surrey Equities, according to officials with JLL Capital Markets, which brokered the deal.
In addition to the Stop & Shop locations in Cromwell, Seymour and Willimantic, the remaining eight locations are spread across eastern Massachusetts, Cape Cod and Rhode Island.
Matthew Tice, senior vice president of Inland Real Estate, said the portfolio of stores has an “established
and necessity-based footprint.”
“Combined with 20-year leases at all 11 properties in strong market locations, (this) is an ideal example of the opportunities we seek to acquire as we move further into 2021,” Tice said in a statement.
Nat Heald, managing director of Bostonbased JLL Capital Markets, said the value of stand-alone supermarkets has appreciated during the pandemic.
“The demand and ultimate pricing we saw for this portfolio represents a new pricing paradigm within the single-tenant net-lease space,” Heald said.
One of the sellers, Concord, Mass.-based Winstanley Enterprises, is a major player in Connecticut commercial real estate, particularly in the New Haven area.
The company owns the life sciences and biotech building at 300 George Street and 513 College Street, a 513,000 square foot building that is fully leased by Alexion Pharmaceuticals.
Construction of a 10-story, 500,000 square foot life sciences and biotech building Winstanley is developing opposite 513 College St. is expected to start in June.
Winstanley also has Connecticut-based real estate holdings in the retail, logistics, industrial and office markets.